Govt notifies rules to operationalise Fugitive Economic Offenders Ordinance
Govt notifies rules to operationalise Fugitive Economic Offenders Ordinance https://ift.tt/2HBWNkP
Showing urgency in dealing with absconding loan defaulters, the government has come out with series of rules to operationalise the fugitive economic offenders law, for which an ordinance was promulgated by the President last week. The Fugitive Economic Offenders Ordinance, 2018, is aimed at deterring economic offenders from evading the process of law by remaining outside the jurisdiction of Indian courts. The law seeks to expedite recovery of losses incurred by banks and other entities by confiscating their properties.
Showing urgency in dealing with absconding loan defaulters, the government has come out with series of rules to operationalise the fugitive economic offenders law, for which an ordinance was promulgated by the President last week. The Fugitive Economic Offenders Ordinance, 2018, is aimed at deterring economic offenders from evading the process of law by remaining outside the jurisdiction of Indian courts. The law seeks to expedite recovery of losses incurred by banks and other entities by confiscating their properties.
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